BoE man who said IFAs had ‘no clue’ about pensions goes on tour

Andy Haldane, the Bank of England chief economist who said advisers do not understand pensions, is touring the UK meeting the public in a series of town hall events.

Haldane’s tour is aimed at improving communication between the BoE and the public, reports the Financial Times. Speaking in a Leicestershire curry house, Haldane (pictured) told the audience it was important he got out to ‘see how the economy is doing’.

‘You cannot do that sat in London all the time, at your desk, poring over the numbers in your spreadsheet. The most effective way of knowing what’s really going on, getting the colour and texture of the economy, is by getting out and speaking to people about how things are.’

Haldane gained notoriety among IFAs for comments made last May, when he said he did not understand pensions and that advisers ‘had no clue either’.

He later weighed into pensions again, claiming property was a better bet for retirement than pensions.

However, the FT reported, Haldane admitted economist ‘have a distance to travel in regaining the trust of the general public’.

He said: ‘It would be a start if more of us were open about what hasn’t gone so well in the past. Humility, like charity, needs to begin at home.’

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